Samson Oil and Gas Announces Sale of Foreman Butte Project

Samson Oil and Gas Announces Sale of Foreman Butte Project

The deal will earn Samson US$40 million, and is effective January 1, 2018. However, the company is still considering bids and offers from interested parties.

Samson Oil and Gas USA, a wholly-owned subsidiary of Samson Oil and Gas Limited (ASX:SSN,OTCQB:SSNYY), has announced it has entered into a purchase and sale agreement with Eagle Energy Partners, for the sale of all of Samson’s Foreman Butte project, located in the Williston Basin in North Dakota and Montana. The deal will earn Samson US$40 million, and is effective January 1, 2018.

As quoted from the press release:

Pursuant to the PSA, as amended, the transaction was scheduled to close on October 15th but failed to do so. As a result, the PSA has now expired. Samson remains in discussions with the buyer but is now actively seeking an alternate buyer for the asset. The recent appreciation in the price of oil has enhanced the reserve value of the asset. The company is therefore confident that interest in the asset will remain high. All reserves shown for September 30th, 2018 and June 30th, 2017 are designated as 1P reserves.

The PDP and PDNP reserve estimates and forecasts of future production rates are based on historical performance and analogy data. If no production decline trend has been established, future production rates and decline curves are based on analogous wells. If a decline curve is established, this trend is used as the basis for estimating future production rates.

The reserve estimates utilize historical operating costs of the wells and leases, subject to the report, and are held constant for the life of a well. Development costs are based on authorizations for expenditure for the proposed work or actual costs for similar projects. Abandonment costs are assumed to be offset by the salvage value as all of these projects are located onshore. T

he reference point used in the reserve estimates is the sales point, and the reserves and their value are wholly attributable to the Consolidated Entity’s economic interest, net of royalties, operating and development costs, and production and ad valorem taxes.

PUD estimates are based on a drill and complete estimated expenditure of US$375,000 per well. As these wells are infill drilling, all offtake and production infrastructure is readily available.

Click here to read the full announcement

Tempus Closes A $1.9 Million Private Placement

Tempus Resources Ltd (“Tempus” or the “Company”) (ASX:TMR)(TSX.V:TMRR) is pleased to announce that it has closed the non-brokered private placement announced on 23 April 2021 (the “Placement

The Placement has been completed utilising the Company’s available capacity under ASX Listing Rules 7.1 and 7.1A. It includes two tranches: Tranche 1, which consists of 6,037,736 ordinary shares issued on 12 May, 2021, as “Canadian flow-through shares” at a price of C$0.155 (approximately A$0.163) per share for proceeds of approximately C$935,849; and Tranche 2, which consists of 6,065,425 ordinary shares issued on 30 April 2021 at a price of A$0.145 (approximately C$0.138) per share for proceeds of approximately A$879,487. The total proceeds from both Tranche 1 and Tranche 2 of the Placement are approximately A$1,866,149 (C$1,770,042). Following the completion of the Placement, the Company has 98,744,613 shares on issue.

Keep reading... Show less

Galaxy Resources Limited Announcement

Galaxy Resources Limited (ASX: GXY) ( Company ) advises that the following announcement has been made to the Australian Securities Exchange which appears on the Company’s platform (ASX):

  • Appendix 2A

The announcement can be viewed at:

Keep reading... Show less

Massive Sulfide Nickel Drilling Update

Blackstone Minerals Limited (“Blackstone" or the “Company") is pleased provide an exploration update on its flagship Ta Khoa Nickel-Cu-PGE project, for which assay results have been received from drilling at its Massive Sulfide Vein (MSV) prospects (refer Table 3, Table 4 & Appendix 1).

Keep reading... Show less

Novo Completes Malmsbury Option Exercise with GBM Resources Limited

Novo Resources Corp. (“ Novo ” or the “ Company ”) (TSX: NVO & NVO.WT; OTCQX: NSRPF) is pleased to advise that it has completed its option exercise to earn a 50% interest in the Malmsbury gold project (the “ Malmsbury Project ”) held by ASX-listed GBM Resources Limited (ASX: GBZ) (“ GBM ”) following the satisfaction of all conditions precedent, including receipt of Australian Foreign Investment Review Board approval (refer to the Company’s news releases dated March 30, 2020 September 24, 2020 and January 15, 2021 for further details).

“We are thrilled to complete our option exercise at Malmsbury,” commented Dr. Quinton Hennigh, Chairman and President of Novo. “We see Malmsbury as a Fosterville analogue given its similar position along the eastern margin of the prolific Bendigo Zone, epizonal orogenic setting and historic high-grade gold production. Our geologic team will pursue aggressive field work over the next few months with the goal of developing drill targets for testing later this year.”

Keep reading... Show less

Rare Earth Elements Demand is Still Growing

Rare Earth Elements are 17 silvery-white heavy metals with special magnetic capabilities. REEs have diverse applications and are commonly used in lasers, glass, superconductors, hard drives, wind turbine generators, and magnetic materials. Despite the name, REEs are abundant in the world, often found underground alongside uranium in sand structures called monazite. REEs concentrate must first be separated from the sand. Neodymium and praseodymium (NdPr) represent about 80% of the value of REE concentrate. Demand for these elements is growing because of their use in electric vehicles, wind turbines, and appliances. Adams Intelligence expects the demand for NdPr to double in the next five years. Removing REEs from monazite and then separating REEs into individual components is a complicated process. Read More >>

News Provided by Channelchek via QuoteMedia

Keep reading... Show less

Top News

Related News